Crumbs Bake Shop has a deal, which if approved by a bankruptcy judge, could reopen the cupcake maker, according to a court filing on Friday.
Crumbs, which specialized in oversized cupcakes and went public in 2011, shuttered its nearly 50 locations in 10 states on Monday. It filed for Chapter 11 bankruptcy on Friday.
The new ownership comprises Marcus Lemonis, star of the reality show "The Profit" and known as the "business turnaround king" and Fischer Enterprise, the owner of Dippin Dots.
The two would provide debtor-in-possession financing and subsequently buy the cupcake chain through a joint venture called Lemonis Fischer Acquisition Co, according to the filing.
They would take Crumbs private and reopen its stores and resume operations.
Crumbs' would continue its line of cupcakes, but would also produce a "much improved" product mix to broaden its offerings and capture a larger customer base, Scott Fischer, the chief operating officer of Fischer Enterprises, said in a statement on Friday.
Fischer reported a 14.95 percent stake in Crumbs as of Dec. 30 and invested $5 million in January, according to filings with the Securities and Exchange Commission.
New York-based Crumbs listed assets and liabilities between $10 million and $50 million in the bankruptcy filing in New Jersey court.
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